From a financial perspective 2023-24 has been a challenging year for the organisation having booked a loss of $345,000. However, there are many positives to be drawn despite the unfavourable financial performance. Previous 5 years financial performance as follows: ▶ 2019-20 $356,377 Profit ▶ 2020-21 $373,224 Profit ▶ 2021-22 $155,384 Profit ▶ 2022-23 $67,037 Loss ▶ 2023-24 $345,307 Loss Previous year’s profits have been used to invest substantially in growing our clinical workforce through the recruitment of both Registered and Enrolled Nurses. This has been undertaken ahead of taking on new clients and services to ensure the right workforce is in place to not only accommodate the additional load but to expand our services and clinical expertise. Our workforce has now grown to 44 employees along with our 75 independent Registered Service Providers. The cost of doing business has increased considerably in line with high inflation which meant we had to increase our fees accordingly, however, any increase has been kept to a minimum to ensure we are competitive and continue to provide value services for our consumers. One of the main positives is the continued growth in Home Care Packages that has performed well ahead of expectations. This is attributable to having the right work force in place up front to support the acceptance of new consumers with the capacity to grow even further into the next financial year to continue to meet demand and underpin our ongoing financial sustainability. We achieved $4.97 million in Home Care Packages revenue for 2023-24 compared to $3.97 million in the previous year, an increase of $1.0 million and 77 new packages. With regard to our National Disability Insurance Scheme (NDIS) program, revenue has fallen by $413,000 on the previous year mainly due to the loss of some high value consumers and consumer led service reductions. This has significantly contributed to our full year unfavourable financial result. Of our $7.4 million total expenditure, $5.16 million or 70% is injected directly into our local economies as salaries and wages to our employees and payments to our Registered Service providers. In addition, a significant amount of the remaining 30% or $2.2 million of our expenditure is used to support local businesses through procurement of goods and services. Despite the loss for the 2023-24, the financial outlook for West Coast Homecare is viewed with optimism and we are expecting a return to profitability in the subsequent years. This is absolutely key to ensuring our long-term sustainability to meet current and future demand for services and continue to support our local economies. Lastly, I would like to thank our Employees and Registered Service Providers who make up the West Coast Homecare team for their dedication and hard work ensuring our consumers receive the best possible services that also drives our continued success. Shane Porter Executive Manager Finance & Corporate Services FROM THE EXECUTIVE MANAGER FINANCE & CORPORATE SERVICES 28
RkJQdWJsaXNoZXIy MTI3ODI1